Precious Metals Rally Continues Into March
Gold and silver prices continued their remarkable ascent this week, with both metals posting substantial gains driven by geopolitical uncertainty, central bank buying, and persistent inflation concerns.
As of March 10, 2026, gold traded at $5,195 per ounce, representing a daily gain of $103 or 2.02% from the previous session. The yellow metal has climbed an astonishing 78.22% year-over-year, up from $2,915 per ounce in March 2025.
Silver has posted even more impressive returns, reaching $88.38 per ounce with a staggering 175.32% gain compared to its price of $32.10 one year ago. The white metal jumped 5.26% in a single trading session, demonstrating the heightened volatility that has characterized precious metals markets in 2026.
Experts Predict Further Gains
Market analysts remain broadly bullish on precious metals despite recent volatility. Thomas Winmill, portfolio manager at Midas Funds, predicts gold will reach "over $5,500 per ounce in the next month or two."
Winmill attributes this forecast to robust central bank demand, particularly from nations seeking alternatives to dollar-denominated assets. "Dollar-denominated assets are seen as increasingly risky in view of U.S. sanctions, denial of SWIFT privileges, asset seizures, military interventions and similar actions," he explained.
Darius Dale, founder and CEO of 42 Macro, echoed this sentiment: "The macro backdrop is supportive. Expect gold to grind higher," citing global liquidity trends and Treasury market imbalances as key factors.
Silver Volatility Creates Opportunities and Risks
Silver's dramatic price swings have attracted considerable attention from traders and investors alike. The metal briefly touched $120 per ounce in recent weeks before pulling back to current levels around $88-94.
James Cordier, CEO and head trader at OptionSpreaders.com, suggests the consolidation is healthy: "Prices should consolidate below $100 until new fundamentals present themselves."
However, analysts warn that silver's characteristic volatility cuts both ways. Hiren Chandaria, managing director at Monetary Metals, notes that silver tends to amplify gold's directional moves due to its "higher volatility and thinner market structure."
Geopolitical Factors Drive Safe-Haven Demand
Ongoing tensions in the Middle East continue to support precious metals prices. The region's instability has reinforced gold and silver's traditional role as safe-haven assets during periods of uncertainty.
Central banks worldwide have accelerated their gold purchases as part of broader diversification strategies away from U.S. Treasury holdings. This institutional demand has provided a solid floor for prices even during periodic corrections.
Industrial Demand Supports Silver
Beyond investment demand, silver benefits from its critical role in industrial applications. Growing demand for solar panels, electronics, and electric vehicles has created structural support for silver prices.
"A mix of constrained supply and rising industrial demand, plus investor demand, has pushed silver prices higher this year," Fortune noted in its market analysis.
For investors considering precious metals exposure, analysts recommend maintaining realistic expectations about short-term volatility while focusing on the longer-term fundamental drivers supporting the sector.
Sources: Fortune, CBS News, Midas Funds, 42 Macro, OptionSpreaders.com, Monetary Metals